Nifty future is still trading below its crucial level of 5500, we are however bearish as long as nifty is trading below 5500 level. Downside risk are emerging as technical indicators are loosing the momentum from current levels. We will advice traders to stay short in this market, unless nifty futures closes above 5500 level. If nifty is able to break above 5555 level and close above it for two days continuously then we will see a huge rally upto 5650 level. For intraday trading we recommend to take short position near 5494 level for target of 5454 and 5412 levels and place stop loss at 5514 level. Traders stay cautious as volatility will remain high in near term. Nifty futures support resistance level is as below:
Nifty Futures Level:
Resistance: 5001 / 5555
Support: 5450 / 5411
Nifty futures trading tips (10 March 2011): Sell Nifty Future below 5494 level for intraday target of 5454 and 5412 levels, also place Stop loss above 5514 level.
Buy Nifty Future above 5515 level for intraday target of 5551 and 5577 levels, also place Stop loss at 5499 level.